EBITDA break-even achieved for H1 21
Thruvision’s trading update for the six months to 30 September presents a number of positives, despite the challenges resulting from the coronavirus pandemic during the period. In our view, the highlight is that, for the first time, Thruvision achieved break-even EBITDA for the half year. This was driven by a strong second quarter, which saw a strategically important US$4.9m follow-on contract award from US Customs and Border Protection (CBP). Thruvision’s revenues of £4.7m for the half year compare with £4.8m in H1 FY20, with a 48% gross margin achieved in both periods. Thruvision’s cash position at 30 September 2020 was £5.0m, but this should rise to a similar level to the £8.4m held a year earlier, once the cash from the CBP contract award is received in October.